Swedish fintech Trustly receives $40M equity commitment from key shareholders

Swedish fintech Trustly has received over $40 million in equity investment commitments from two key shareholders to support its growth strategy. This follows recent news of Trustly cutting around 200 jobs, or a quarter of its workforce, after revenues fell by more than $50 million last year. The investment comes from the company's main shareholder, Nordic Capital, and another significant shareholder, Alfvén & Didrikson.

Trustly plans to use the funding to develop new products that utilize artificial intelligence. The capital raise is expected to be completed by November 2026. Existing shareholders of Trustly will also be given the chance to participate in the capital raise. Trustly, which is backed by BlackRock and has raised over $400 million in funding, uses open banking technology to enable direct payments from bank accounts without the need for cards or apps.

Johan Tjärnberg, Trustly's Group CEO, stated that this commitment from Nordic Capital and Alfvén & Didrikson is a strong endorsement of Trustly's future direction.